Marketing within a business environment - Marketing resources Flashcards
What is a marketing strategy?
reviewing current internal and external marketing to create a strategic market plan
What factors need to be considered when making a marketing strategy?
- business objectives
- size of business
- nature of market
- management changes
what is a competitive strategy?
need to develop marketing strategies in order to compete with business globally
what is a market leader strategy?
Benchmarking against dominant firms’ strategies
what is a market-challenger strategy?
a business with a smaller market share may try to attack the dominance of the market leader → need a big marketing budget
what is a market follower strategy?
Launching new products or services to match those of the market leader
what is differentiation?
making your products slightly different from competitors
What is a low cost strategy?
buying in bulk from suppliers at a low cost per unit → reduces their production costs → offer lower prices → small businesses unable to compete
What is a market growth strategy?
Ansoff matrix → developing products or moving into new markets to encourage growth
Need to be adaptive and flexible
What are the resources needed for marketing?
- budget
- department
- knowledge
- objectives
What is the purpose of marketing resources?
Ensure the business has the funds and stuff in order to market effectively
What is SWOT analysis?
looking at the strengths, weaknesses, opportunities and threats for a business
How can SWOT be used in marketing?
can be used by the marketing department to assess current marketing situation and quality of their current strategies → considered and adapted
